TMI Blog2020 (10) TMI 792X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowance and allow the appeal of the assessee. - I.T .(S.S.)A. No. 55/K OL/2018 - - - Dated:- 9-10-2020 - Shri P.M. Jagtap, Vice-President And Shri A.T. Varkey, J.M. Shri Miraj D. Shah, Advocate, for the Appellant Shri Imokaba Jamir, CIT, D.R., for the Respondent ORDER Per Shri P.M. Jagtap, Vice-President:- This appeal filed by the assessee is directed against the order of ld. Commissioner of Income Tax (Appeals)-21, Kolkata dated 30.05.2018 and the solitary issue involved therein relates to the disallowance of assessee's claim for loss of ₹ 5,11,765/- incurred in the commodity market transactions. 2. The assessee in the present case is a Company, which belongs to Abhishek Chokhani Group. A search ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. AO and also equally carefully considered the submissions made by the appellant. I find that a claim of commodity exchange lass has been made only for this subject assessment year 2012-13. There has been no such claim in any of the other years under appeal which are being decided simultaneously. I find that the appellant has not countered the specific findings of the Ld. AO that no payments were made to the broker, Mls Marigold vanijya Pvt. Ltd., and the party was shown as a Sundry Creditor in the books of the appellant. Also, it Is very significant that no margin money had been deposited through the said broker. These specific findings the Ld. AO which have not been countered by the appellant either before the broker or in appeal, in my ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction of the Ld. AO and confirm the same. The ground therefore stands dismissed . Aggrieved by the order of the ld. CIT(Appeals), the assessee has preferred this appeal before the Tribunal. 4. We have heard the arguments of both the sides and also perused the relevant material available on record. As agreed by the ld. Representatives of both the sides, the solitary issue involved in this appeal of the assessee is squarely covered in favour of the assessee by the various decisions of this Tribunal. In one of such decisions rendered in the case of Navin Kumar Kajaria -vs.- ITO vide order dated May 24, 2018 passed in ITA No. 1762/KOL/2017, the 'SMC' Bench of this Tribunal decided a similar issue in favour of the assessee vide p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nijya Pvt, Ltd. As found by the A.O. on verification of the said details, total transactions involving sales of ₹ 33,81,68,663/- and purchases of ₹ 33,81,66,145/- were made by the assessee resulting into a profit of ₹ 2,517/-. This relevant evidence confirming the genuineness of the transactions made by the assessee on MCX Stock Exchange Ltd. was brushed aside by the A.D. on the ground that profit shown therein was ₹ 2,517/- whereas the assessee had claimed a loss of ₹ 13,10,688/-. As submitted on behalf of the assessee before the Ld. CIT(A) as well as before us, expenditure was incurred by the assessee relating to the said transactions on account of brokerage, service tax and other charges levied by the brok ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d stock exchange complied with the notice issued by the AO along with supplying various details in respect of said transaction. According to AO, it is incomplete details. However, the CIT-A noted in his order that the AO failed to verify the genuineness of transaction with that of broker of MCX Stock Exchange. It is also observed that the CIT-A found satisfied that the assessee filed all the required details and documents in support of the transactions entered into by it in respect of foreign exchange derivatives. We find that the AO made the addition only on the basis of statement recorded during the search seizure operation in the premises of the said Shri Sachet Saraf, director of M/s. Marigold Vanijya P.Ltd. The said statement of Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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